TORONTO, March 3 (Reuters) - Canada's main stock index hit a
2016 high on Thursday as energy stocks rose despite a petered
out oil rally, and other resource stocks gained as commodity
prices more generally reflected increased confidence in
prospects for global growth.

Among the gainers was Canadian Natural Resources Ltd
, which surged 8.9 percent to C$32.85 after it reduced
its 2016 capital expenditure plan and eyed further cuts in the
future.

Belt-tightening across the industry is being seen as
necessary and prudent to deal with low oil prices.

"They're all making the right moves; they continue to cut
costs," said Brian Pow, an equity analyst at Acumen Capital
Partners in Calgary. "When they come out the other side there's
going to be some pretty significant leverage that comes through
from the top line."

The energy sector climbed 2.8 percent, but oil prices barely
moved higher as growing U.S. crude stockpiles overshadowed
bullish sentiment that had built up in the oil market this week.
Continued...